Mayhoola for Investments, an investment firm based in Qatar, has agreed to acquire Valentino Fashion Group for around $850 million.

Valentino is the latest Italian luxury brand to be bought by Middle Eastern investors. As DubaiBeat reported earlier, a Dubai firm acquired Italian fashion house Gianfranco Ferré in 2011. Also a UAE investor had bought the French fashion house Christian Lacroix back in 2009.